The global iron ore prices fell 5% today after losing 7% of it on Thursday. Though for the steel making material the week began with some gains at USD 68/MT, USD 1 over previous close on Friday for grade Fe (62%), CFR China, it settled for USD 60/MT for the same grade today losing 12% of its strength compared to Monday prices . The weekend price was earlier recorded on 11th Aug, 2016 More than 8 months ago.
The paper market fell to bring steel prices down in Chinese market, impacting the deals for the seaborne deliveries. According to reports increasing inventories at the ports are putting iron ore prices under pressure which are estimated to be above 136 MnT at China’s 42 major ports as of today.
The subdued sentiments were guided by the paper market fall. It is believed that China aiming for stringent financial policies at the same time US Federal Reserve is planning to increase rates in June have smashed the already worsen situation for the seaborne material prices.
Billet
Billet traded at 2,920 Yuan (USD 423/MT) plus VAT in Tangshan, unchanged after a decrease of 90 Yuan (USD 13/MT) on Thursday.
Shanghai Futures Exchange
Rebar futures contract closed at 2,931 Yuan (USD 425/MT) on Friday, unchanged from Thursday.
Dalian Commodity Exchange
Closed at 461.50 Yuan (USD 67/MT), down 23.50 Yuan (USD 3.40/MT) 
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